3. How much life insurance do you need? Calculating resources Part 2 Aa Aa Larry and Ginny Stewart have completed Step 1 of their needs analysis worksheet and determined that they need $2,745,000 to maintain the projected lifestyle of Ginny (age 32) and their two children (ages 3 and 4) in the event of Larry's (the primary eamer's) death. The Stewarts also have certain financial resources available after Larry's death, however, so their life insuranoe needs are lower than this amount. Larry dies, Ginny will be eligible to receive Social Security survivors' benefits-approximately $3,500 a mon ($A2,000 a year th until the youngest d graduates from high school in 15 years. After the children leave home, Ginny will be able to work full-time and eam an estimated $46,000 a year (after taxes) until she retires at age 65. After Ginny turns 65, she receive approximately $3,100 a month ($37,200 a year from her own Social Security and retirement benefits. The life expectancy for a woman within Ginny's demographic is 87. The couple has also saved $42,300 in a mutual fund, and Larry's employer provides him a $100,000 life insurance policy. Using this information, complete Step 2 of the needs analysis worksheet to estimate their total financial resources available after death. (Note: If the value of a certain entry is zero, be sure to enter "0" to receive credit.) Life Insurance Needs Analysis Worksheet (Part 2) Step 2: Financial Resources Available After Death 1. Inco Period 1 Period 2 Period 3 a. Annual Social Security survivors' b. surviving spouse's annual income 1$ I$ c. other annual pensions and Social Security benefits d. Annual income (la 1b+ 1c) Number of years in time period f. Total period income (1d x 1e) g. Total income $2,276,400 2. Savings and investments Other life ins other resource Total Financial Resources Available (1g 2 3 4): $2,418,700